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Interpark Bio Convergence Strikes Licensing Deal with BiSiChem for Anticancer Drug, Commits 10 Billion Won Investment
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2022-06-28

Interpark Bio Convergence pledges 10 billion won to BiSiChem for the royalties of the anticancer drug candidate

 

On the 26th of April, Interpark Bio Convergence, a subsidiary established by Interpark in July this year, announced it had held a signing ceremony on April 23rd for an in-licensing agreement with BiSiChem, a specialized company in targeted and immunotherapy drug development.

 

According to Interpark Bio Convergence, the drug candidate acquired through this agreement is a novel target that has not yet been approved, and is still in the preclinical stage. Specific details were not disclosed by the company at this time.

 

Under this agreement, Interpark Bio Convergence will pay BiSiChem a total of 10 billion won as royalties, with plans for additional installment payments based on the development stage. However, the exact amount of the initial payment was not disclosed. Additionally, revenue generated from out-licensing to global drug development companies during the new drug development process will be shared with BiSiChem based on the development stage.

 

Interpark Bio Convergence was established on July 31st this year, building upon the Interpark subsidiary Interpark Bio Convergence Research Institute. The company has ventured into drug development, leveraging the institute’s existing expertise in biotechnological knowledge acquired through previous work done in organoid research.

 

CEO Jun Ho Hung stated, “I am very pleased to announce our first in-licensing agreement with such a reputable company as BiSiChem.” He added, “Our primary goal is to swiftly advance through the remaining preclinical stages and initiate clinical trials in advanced countries by the end of next year.”

 

BiSiChem CEO Jung Beob Seo commented, “Although Interpark Bio Convergence is a newcomer in the field of drug development, it has demonstrated excellent capabilities in preclinical efficacy verification and clinical trial design.”

 

Source: BioSpectator (http://www.biospectator.com/view/news_view.php?varAtcId=11625)